Mayank Baid, Regional Vice President for India and South Asia at Cloudera, discusses the recent strides in India’s technology sector following the unveiling of ambitious plans in the Union Budget 2024. With a ₹1 trillion fund established through a fifty-year interest-free loan, the government emphasizes its commitment to fostering innovation in emerging tech domains. Last year witnessed significant progress, propelling India to the forefront of the global digital landscape, with Gen AI adoption projected to contribute substantially to GDP growth by 2029-30.
Amidst this progress, the rise of Artificial Intelligence (AI) and Generative AI (GenAI) emerges as game-changers, driven by advancements in big data analytics. GenAI adoption is gaining momentum, particularly in the B2C sector, promising to revolutionize industries by unlocking unprecedented insights from data. However, amidst this AI-driven innovation, data privacy and security concerns loom large. Ensuring responsible AI usage and robust data governance becomes imperative to maintain trust in data management and drive competitiveness.
India addresses evolving data infrastructure and security challenges through regulatory measures like the Digital Personal Data Protection Act (DPDPA) and Sensitive Personal Data or Information rules (SPDI). Strategic partnerships with leading data platform companies become crucial for enterprises to navigate data management complexities and ensure ethical AI implementation. These partners enable businesses to leverage open data lakehouses for enhanced business intelligence, AI, and machine learning solutions.
Despite reservations, deploying AI is essential for business growth. Enterprises must align with trusted partners to harness AI’s full potential while upholding integrity and trust in the digital ecosystem. As businesses embark on this technological journey, choosing the right partner becomes crucial for effectively meeting requirements and driving performance monitoring.